https://www.taxtmi.com/caselaws?id=31112 The educational trust, seeking exemption under Section 10(22) of the Income Tax Act for the Assessment Year 1997-98, had its appeal upheld. Despite the Assessing Officer's concerns over nominal income sources and fund investments, the trust's activities were deemed to align with the Act's requirements. The judgment emphasized that surplus income does not necessarily indicate a profit motive if utilized for educational purposes. Consequently, the trust's eligibility for exemption was affirmed, with the court directing the Revenue to cover the counsel's fees due to the absence of significant legal issues. en-us Tue, 19 Feb 2008 00:00:00 +0530 Sun, 19 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31112 The educational trust, seeking exemption under Section 10(22) of the Income Tax Act for the Assessment Year 1997-98, had its appeal upheld. Despite the Assessing Officer's concerns over nominal income sources and fund investments, the trust's activities were deemed to align with the Act's requirements. The judgment emphasized that surplus income does not necessarily indicate a profit motive if utilized for educational purposes. Consequently, the trust's eligibility for exemption was affirmed, with the court directing the Revenue to cover the counsel's fees due to the absence of significant legal issues. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31112